Entrepreneurship policy in UAE Essay

In this example essay, we will discuss Entrepreneurship policy in UAE after the Covid-19 pandemic situation.

UAE economy was dominated by Petroleum-Oil and Gas, with more than 85% of the revenue generated from these sectors. 

Since the last decade, UAE is working on diversifying its economy in other sectors like technology, energy, and Finance. According to the latest report, SMEs(Short and Medium Enterprises) serve almost 94% of businesses in the UAE. SMEs are employing around 86% of the UAE private sector employees and creating 52% of the GDP coming from non-oil and gas sectors. 

 

 

Moreover, technology SMEs leveraging artificial intelligence, blockchain, machine learning, cloud computing, the Internet of Things(IoT), and cloud storage services within cunning sectors. These SMEs have been driving the UAE economy while the nation fights the pandemic and low economy due to Oil price depreciation. 

Then, UAE leadership took the step forward to boost the economy by renewing business policies and launching various packages to fight the Covid-19 pandemic.

Here we are going to discuss post-pandemic business policies in detail.

Relaxation in the expenses of doing business, advisory, and funding

The UAE Economy Ministry announced Cabinet Resolution no. 20 of 2020. The primary objective behind it to reduce the cost of setting and managing business fees for 94 of its government service such as trademark, renewal, licensing up to 98%. 

The Central Bank of the UAE (CBUAE) declared a phased targeted comfort plan which decreased the capital which banks operate for lending to SMEs from 15% to 25% and instructed banks to open accounts for businesses within two days. That is with adequate documentation and calculated risk.

Moreover, the seven federations of UAE announced various interventions, relieving big companies, SMEs, and families by an aggregate of revised access to affordable credit, subsidies, updated payment conditions on equity contracts, fee exemptions, and extra rebates and waivers.

An SHUAA Capital PSC provided open advisory services and loans with zero interest via legal partners to UAE SMEs.

Boosting tourism, business, and customer protection along with enhancing food security

The UAE government authorized a persistent task force to assure a stable and continuous supply of necessary items and implemented firm monitoring rules to counter manipulative pricing methods. Its Human Resources Ministry promoted financial and organizational support units ensuring salary protection, a pragmatic labor market extension, and an insurance system.

Meanwhile, the Economy Ministry established an interactive online tool. That is to assist companies in identifying the effect of the COVID-19 pandemic. It has been presenting the newest advancements, prudent standards for business flow involving recommendations to boost sales.

An active government for the sharp entrepreneurs

The Prime Minister of UAE appointed a minister for SMEs and Business. The new Minister directly had a meeting with all shareholders, endorsing that SMEs were the highest preference. Moreover, he restated decreasing the expense of conducting business, increase investment opportunities, and promote banking systems.

Besides, small enterprises can efficiently compete with corporate titles with the use of cloud services. A centralized data hub ensures that clients’ data remains inside the perimeters.

 

 

Going local

Dubai Expo 2020 granted about AED4.6 billion to SMEs since almost 50% of all enterprises listed under Expo 2020. Also, the governmental District 2020 approved diplomatic alliances with Dubai SMEs. Moreover, Mohammed Bin Rashid Innovation Fund supports its global entrepreneur program named Scale2Dubai, which enables small businesses and startups to enter the District 2020 program to grow internationally and locally and get investment along with different growth enablers.

Digitalization of the businesses

UAE technical universities are enabling entrepreneurs, students, governments, and businesses to promote Artificial Intelligence as a universal positive strength. The Prime Minister appointed a committed Minister of State for AI and Digital Economy, allotted a cybersecurity chief, and a devoted Advanced Technology Industry Minister.

The government is playing its role. Now SMEs require to reform their business plans by shaping technology funds to making a plan for interoperability, ease of data sharing, digitally unite with their clients and information transfer.

Conclusion

The UAE government played a crucial role in empowering businesses, SMEs, and startups. These policies were beneficial for the enterprises for short-term and longer terms as well. 

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You are still looking to read some more example essays, feel free to look into Entrepreneurship Innovation Principles, Principle of Setting up Micro Enterprises, and many more.